BITCOIN Has New Friends-CME Futures; GOLD Sneaking Back Up (12/18/17)

Bitcoin Gold

FintekNews compares the price of Bitcoin, Gold & Major Market Averages on a daily basis, and uses the Chicago Mercantile Exchange’s (CME) bitcoin indexes (BRR & BRTI) for bitcoin pricing.

12/18/17 Closing Prices:

Bitcoin:  $18,842.53  (+1260.36) from Friday’s close
Gold:  $1,262  (+$6) 
Dow Jones Industrials:  24,792.20  (+140.46)
S&P 500:  2,690.16  (+14.35)

Nasdaq Composite: 6,994.76  (+58.18)

CME CF Bitcoin Reference Rate & CME CF Bitcoin Real Time Index

Trading Summary Notes for Monday, 12/18/2017

  • BITCOIN up sharply from Friday, but off from late Sunday
  • CME Group futures now active. Creates new ways to hedge, but also creates new sellers
  • Looks as if the CME bitcoin futures is the better product.
  • Bitcoin is getting more efficient and maybe a touch less volatile
  • Still too much “chatter” about bitcoin. Very frothy and looks to be “over owned”. Any sellers other than in the futures? Hmmmm!
  • GOLD once again beginning a rise toward $1,295-$1,300
  • Inflation and new wage increase pressure should help gold
  • Gold is under owned and under loved. Don’t be short gold
  • LONG TERM BULLISH ON BITCOIN AND GOLD

CURRENT TRADING POSITION:  Long GOLD

CME CF Bitcoin Reference Rate & CME CF Bitcoin Real Time Index

Read our PRIOR daily commentaries on Bitcoin vs Gold here